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The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019

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This is the original version (as it was originally made).

PART 3Amendment of retained direct EU legislation

Amendments to Regulation (EU) No 575/2013

5.—(1) The capital requirements regulation is amended as follows.

(2) In Article 4.1, for point (21) substitute—

“(21) “mixed financial holding company” has the meaning given in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004;”.

(3) In Article 18, for paragraph 8 substitute—

“8.  Where consolidated supervision is required under this regulation, ancillary services undertakings and asset management companies as defined in Article 4(1)(19) of this regulation must be included in consolidations in the cases, and in accordance with the methods, laid down in this Article.”.

(4) In Article 49—

(a)in paragraph 1—

(i)for “method 1, 2 or 3 of Annex I to Directive 2002/87/EC”, substitute “method 1 or 2 or a combination of these under Annex 2 of the Financial Conglomerates part of the PRA Rulebook and Chapter 3 of the FCA General Prudential sourcebook”;

(ii)in point (b), before “Directive 2002/87/EC”, insert “the United Kingdom enactment and rules which implemented”;

(b)in paragraph 5, for “Annex I to Directive 2002/87/EC”, substitute “Annex 2 of the Financial Conglomerates part of the PRA Rulebook and Annex 1 of Chapter 3 of the FCA General Prudential sourcebook;

(c)for paragraph 6 substitute—

“6.  Where a competent authority applies method 1, 2 or a combination of these under Annex 2 of the Financial Conglomerates part of the PRA Rulebook and Annex 1 of Chapter 3 of the FCA General Prudential sourcebook, the competent authority must disclose the supplementary own funds requirement and capital adequacy ratio of the financial conglomerate.”.

(5) In Article 400(2)(c), before “Directive 2002/87/EC”, insert “United Kingdom enactment and rules which implemented”.

(6) In Article 493(3)(c), before “Directive 2002/87/EC” insert “United Kingdom enactment and rules which implemented”.

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